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Financial Markets, Institutions, and Integration in East Asia

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  • Gordon de Brouwer

    (Asia-Pacific School of Economics and Management Australian National University Canberra ACT 0200 Australia)

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    Abstract

    East Asia has enormous scope to upgrade and integrate its financial markets, covering the spectrum of equity, bond, foreign-exchange, and derivatives markets. Financial markets and institutions in East Asia tend to be narrow and undeveloped, although there are important exceptions. Japan dominates the top tier of the region's markets by virtue of its size, but its markets are not advanced, and many of its private institutions are weak. Although the markets in Australia, Hong Kong SAR, and Singapore are smaller than those of Japan, they are more innovative, market-oriented, and technologically advanced. Markets in Malaysia, South Korea, Taiwan, and Thailand have made substantial progress to varying degrees; but China, Indonesia, and the Philippines have a considerable way to go in developing the information and governance infrastructure that financial markets need to function well. For all these countries, there is a clear role for regional cooperation among policymakers in building capacity in, and links between, financial markets in East Asia, as well as in encouraging stable speculation and the participation of nonresident and institutional investors in domestic financial markets. ASEAN+3 is an important and welcome advance in regional cooperation, but its membership does not span the depth of experience in financial markets and institutions that exists in East Asia. Copyright (c) 2003 Center for International Development and the Massachusetts Institute of Technology.

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    Bibliographic Info

    Article provided by MIT Press in its journal Asian Economic Papers.

    Volume (Year): 2 (2003)
    Issue (Month): 1 ()
    Pages: 53-80

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    Handle: RePEc:tpr:asiaec:v:2:y:2003:i:1:p:53-80

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    Cited by:
    1. Peter Drysdale & Xinpeng Xu, 2004. "Taiwan'S Role In The Economic Architecture Of East Asia And The Pacific," Trade Working Papers 22865, East Asian Bureau of Economic Research.
    2. Chaipat Poonpatpibul & Surach Tanboon & Pornnapa Leelapornchai, 2006. "The Role of Financial Integration in East Asia in Promoting Regional Growth and Stability," Working Papers 2006-05, Economic Research Department, Bank of Thailand.
    3. Claus, Edda & Lucey, Brian M., 2012. "Equity market integration in the Asia Pacific region: Evidence from discount factors," Research in International Business and Finance, Elsevier, vol. 26(2), pages 137-163.

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